[Asia Economy Reporter Lim Cheol-young] On the 22nd (local time), Cho Young-jun, Director of the Latin America and Caribbean Affairs Bureau at the Ministry of Foreign Affairs, held the 2nd Korea-Panama Policy Consultation in Panama City with Jose Ulises Lescure, Director of Foreign Policy at the Panama Ministry of Foreign Affairs, the Ministry of Foreign Affairs announced on the 23rd.
At this meeting, the two countries broadly discussed △bilateral relations △practical cooperation in trade, infrastructure, and shipping △cooperation on the international stage △the situation on the Korean Peninsula and in the Latin America region.
Since establishing diplomatic relations in 1962, the two countries have shared universal values such as democracy, market economy, and human rights, and have developed a friendly cooperative relationship in various fields. Based on this traditional cooperative relationship, they agreed to further expand their mutually beneficial partnership through diversification of the cooperation structure.
Director Cho stated that the Korea-Central America FTA, signed on February 21, 2018, will contribute not only to the expansion of trade and investment between the two countries but also to the promotion of cooperation in all fields and the improvement of the quality of life of their citizens, thereby contributing to the economic and social development of both countries. He requested Panama’s prompt completion of the domestic ratification process. Furthermore, he emphasized recent projects involving Korean companies in Panama, such as the completion of the Col?n combined cycle power plant and LNG terminal, and the winning of the Metro Line 3 construction project. He also requested the Panama government’s attention and support to expand the participation of Korean companies, which possess high-level technology and abundant construction experience, in major energy and infrastructure projects promoted by the Panama government in the future.
Additionally, the two sides agreed to further strengthen cooperation based on the Memorandum of Understanding on shipping and logistics cooperation signed last November, as Korea, the 6th largest user of the Panama Canal, and Panama, a shipping and logistics hub in Latin America, have been enhancing cooperation in the shipping and logistics sectors.
Director Lescure proposed renewing the “Cooperation Agreement on Science and Technology Cooperation” and expressed hope to diversify future cooperation between the two countries into various fields such as aviation, energy, tourism, sports, and finance. He also mentioned that Korea is a country that has successfully transitioned from fossil fuels to clean energy and requested Korea’s cooperation in areas such as climate change response and Sustainable Development Goals (SDGs).
A Ministry of Foreign Affairs official explained, "This policy consultation, held about seven years after the 1st policy consultation in 2013, served as an opportunity to review the overall bilateral relationship and seek ways to expand future-oriented practical cooperation with the new Panama government in various fields through diversification of the cooperation structure."
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